We're seeing some pretty good follow-through, in terms of U.S. dollar-buying, after the Fed statement (on Wednesday) which suggests that September still appears to be an option, so the outperformance is pretty consistent with what we're seeing in U.S. Treasuries, which have held their losses after that statement.

Sue Trinh

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Capital outflows have been continuing at pace and they are a lot larger than what the authorities would have us believe through the official data.

It's not a done deal, but we are still of the view that a September lift-off is in the cards, contingent on the view that the data out of the U.S. continues to be firm.

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